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August 9, 2022

China Takes Down Crypto-Promoting Social Media Accounts

For promoting crypto this year, China has suspended more than 12,000 accounts on some social media sites, including Weibo and Baidu. The platforms also removed some 51,000 discussions about buying bitcoin, the Cyberspace Administration of China (CAC) reported on Tuesday.

According to CAC, it has carried out CPC Central Committee directives to remove illegal content, accounts, and websites that encourage cryptocurrency investment since the year’s beginning.

In accordance with the law, the regulator also deactivated 105 website platforms that promoted the selling of crypto assets and provided online instruction on international crypto mining and speculating. The authorities also shut down 990 Weibo accounts, Tieba accounts, and public WeChat accounts that included Bitcoin.

The Cyberspace Administration of China announced that it would “strengthen the crackdown on unlawful financial operations related to virtual currency in the next step” and “guard the property safety of the people in accordance with the law” in a statement to CAC.

According to CAC, it has requested the local network information department to conduct interviews with more than 500 companies that promote cryptocurrency investing on their websites.

China Strikes Against Crypto
Despite being one of the first nations to adopt the asset class, China has kept up its antagonism for crypto in recent years.

Despite being illegal in the nation since 2019, cryptocurrency trading has continued through overseas exchanges. However, China’s crackdown on cryptocurrencies was largely carried out in 2018.

China outright banned crypto trading and mining activities in September, declaring them illegal and too risky for investors in the nation. This came after the country promised to focus more on the crypto ban and warned investors that they would not be protected if they continued to invest in such assets.

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